Pros
A variety of challenging work. Good experience for the resume. If you do well here, you can be confident that you can tackle anything. Pay is good. If you do good work and deliver on time, you aren't micromanaged and are left alone to do the job for the most part.
Cons
Multiple and frequent reorganizations, so be prepared to work for who you never expected to. (Sometimes for someone you've had conflicts before because you were working in different areas and the work environment creates these conflict.) Senior management doesn't seem to have a strategy that they can stick with for more than a year, so don't get too comfortable. Politically charged, and upper management is usually in CYA mode. Nobody feels very secure in their job, whether that's reality or not. Churn from the bottom to the top is high. Be careful who you trust, because I've seen too many cases where people get thrown under the bus, often undeservedly, which is a shame because there are many really good senior staff and managers. Unfortunately, they're often the ones who either transfer or leave the company. Adversarial relationships with many coworkers and managers are common, both within the same general area, as well as with different groups - due to stress from being overworked and understaffed, and the way we operate. Health benefits are ironically not good at all. If you don't keep things in perspective and manage your stress, it can be overwhelming. Very lean operation. We're succeeding and are profitable in spite of ourselves, and could be so much better if some changes were made. I suspect communication to upper management of what's happening at the lower levels and within the company is being filtered out, distorted, miscommunicated or misunderstood. Depending on where you work, there can be very long hours, and after hours/weekend work. Senior management is out of touch and they fear for their jobs as well. Arrogance seems to pay off. Currently, morale across the board is pretty low, and seem to be in survival mode. Fortunately a lot of people try to have a sense of humor with the chaos and workload.